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Tonight California attorney Charles Marshall hosts the show and is joined by Investigator Bill Paatalo. Paatalo recently stumbled upon an insurance policy that was issued for loans in a trust, but discovered that the trust no longer existed due to a payoff of all loans within the trust years before by Mortgage Guarantee Master Policy (MGIC). However, that didn’t stop BNY Mellon “as Trustee” from filing a foreclosure complaint on behalf of the dissolved trust.
The insurance agreement is a “treasure trove” of insight as to the secret workings between the servicers (who are named as the “Insured”) and MGIC.
The Plaintiff not only ceased to exist due to a merger, but the trust itself was terminated with all loans paid off long before the filing of the complaint.
Bill Paatalo and California attorney Charles Marshall believe that MGIC issue is yet another example of contrived complexity by lenders/’trusts’/purported trustee’s and ‘beneficiaries’ in mortgage transactions, particularly when recording documents pursuant to taking properties to sale, or when subverting the credit bidding rules at sale.
It is likely that the insurance carrier is calling the shots with modifications and foreclosures because the policy states approval must be provided by the insurer.
Is this another sham wherein the instructions from the banks are filtered through yet another layer of complexity? Homeowners should inquire if there is an insurance policy on the purported trust that claims to own their loan. Radian and AIG also offer policies like MGIC.
Charles Marshall, Esq.
Law Offices of Charles T. Marshall
415 Laurel St., #405
San Diego, CA 92101
Investigator Bill Paatalo
BP Investigative Agency, LLC
P.O. Box 838
Absarokee, MT 59001
Office: (406) 328-4075
MAIN NUMBER: 202-838-NEIL (6345).
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